Construction Invoice Processing & AP Automation

Studies show that average construction AP departments process 25,000-40,000 invoices per full-time employee (FTE) per year. Best-in-class contractors process 80,000-90,000 invoices per FTE, while also being able to reclaim over $100,000 per year in early payment discounts.

More than Just Invoice Routing & Approval

Other invoice processing software allows electronic routing of documents and has some degree of integration with construction accounting and ERP systems, but only Requordit ECM for construction the following:

Automated pre-indexing and routing of invoices to AP from job sites

Ability to code the invoice appropriately across multiple line types and jobs on a single electronic form

Re-routing of invoices for approval without being deleted from the system and having to be re-entered

Option of realizing vendor net 10/15 early payment discounts

Accurate phase coding with a dramatic reduction in errors

Subcontractors payoff features so PMs can approve only invoices matching percentage complete from the field

Equipment tracking and accurate allocation of rental expenses to the right jobs

Ability to show project managers all jobs and documents relating to an invoice

Automated Pre-Indexing & Routing to AP

To make it as easy as possible for people in the field, invoices can be scanned on a Requordit CaptureStation or a copier in the job trailer and emailed to corporate. ReQuord can automatically capture invoices from email and extract index values like the job number, and then route these invoices to AP. By the time AP sees them, invoices are identified, have index values and are ready to be coded and routed for approval.

Invoice Multi-Line Type Coding

ReQuord allows your team to code the invoice appropriately across multiple line types and jobs in a single form. If needed across multiple jobs, multiple line types can be entered for a specific job. This is part of our "touch once philosophy" so that your team just needs to review each invoice, code to anything you want and ReQuord handles splitting it up and delivering to the ERP system. This eliminates cumbersome data entry and having to navigate through multiple screens.

Invoice Re-Routing & Mobile Approval

If an invoice is sent to the wrong person, it can easily be re-routed by the project manager or AP clerk without being deleted from the system and having to be re-entered, and invoices can be approved in the field from any mobile devices. Both capabilities help to ensure that all invoices are approved in a timely manner and paid on time.

Vendor Early Payment Discounts

Construction firms typically cannot take advantage of 1-2% net 10 or 15 vendor discounts because it takes 2-3 weeks on average to process each invoice. ReQuord users can process their invoices within 24 hours and have the option of taking advantage of these early payment discounts. One of our clients recently calculated a six-figure cost savings from this capability alone over the course of one year.

Accurate Phase Coding

Phase coding is made simple since ReQuord only presents relevant phase codes when a user types in the job number. These cascading data sets dramatically reduce phase coding errors.

Subcontractor Payoffs

When subcontractors request payments from project managers in the field, PMs can now look up on their smartphone or tablet how much is owed to the sub, what percentage has been paid and what percentage complete is the job. This prevents the situation where the sub has been paid 80% but the job is only 50% complete.

Equipment Tracking

Quickly enables a construction firm to allocate equipment rental expenses for the job(s) in which it's used.